Top 3 Most Common Inventory Control Policies

The Smart Software

The post Top 3 Most Common Inventory Control Policies appeared first on Smart Software.

Reveal Your Real Inventory Planning and Forecasting Policy by Answering These 10 Questions

The Smart Software

In this blog, we review 10 specific questions you can ask to uncover what’s really happening with the inventory planning and demand forecasting policy at your company.

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Develop a Stocking Policy

Demand Solutions

And that leads me to the point of this article: your company needs a clearly defined stocking policy that guides decisions like these. If you’re serious about reducing inventory, you need a stocking policy that you can put down on paper and refer to throughout the year.

What’s new in the automotive supply chain? (Hint: Inventory Replenishment Policies)

The Network Effect

Today I want to explore how automobile suppliers are improving their operations via inventory replenishment policies. Effective inventory replenishment policies in use today include the 830/862 converted to a delivery release, KanBan, Min/Max, and Sequencing.

TOP 3 COMMON INVENTORY POLICIES

The Smart Software

In this Video Dr. Thomas Willemain, co–Founder and SVP Research, defines and compares the three most used inventory control policies. These policies are divided into two groups, periodic review and continuous review.

Seven Misconceptions on Managing Inventory in a Market-Driven World

Supply Chain Shaman

When it comes to the management of inventory in value chains, frustration abounds. Executive, after executive, lament, “They have purchased many technologies and sponsored many projects to reduce inventories, but they are not seeing results.”

TOP 3 COMMON INVENTORY POLICIES Copy

The Smart Software

In this Video Dr. Thomas Willemain, co–Founder and SVP Research, defines and compares the three most used inventory control policies. These policies are divided into two groups, periodic review and continuous review.

The Future of Inventory Management

Kinaxis

by Andrew Dunbar This post concludes my inventory management blog series. Inventory management is not a stand-alone business process that occurs after other processes are complete. How does your inventory manager’s role compare to the one I’ve described here?

How Much Inventory is Enough?

Adexa

Most companies try to minimize inventory by improving their inventory turns. However, this measure does not reflect the potential impact of inventory on revenue. Inventory maybe undesirable however it is both an investment as well as insurance to protect the business.

Inventory, Revenue or Cost?

Adexa

Inventory generates revenue as long as it is moving! Lack of inventory at the right time means loss of revenue and potentially loss of market share. In the absence of a crystal ball there are many ways to increase the speed of moving inventory.

How to Create Successful Returns Management Practices & Policies

Veridian Solutions

Retailers around the globe are working to create successful returns management practices to meet the demands of consumers, and today’s supply chain leaders need to understand how to create successful returns strategies, including policies that align with e-commerce. Consumers will turn to competitors for their purchases, even if it means paying a premium for free, easy returns policies. In other words, the policy itself impacts customer experiences and profitability.

Inventory Management Levers – Success Through Collaboration

Kinaxis

by Andrew Dunbar So you’re an inventory manager, and your CFO just asked you to reduce inventory by 10% before year end to free up some capital for next year’s big investment in R&D. Figure 1: The theoretical on hand inventory level of a single item.

Three Key Themes in the New Inventory Optimization Vendor Ranking

ToolsGroup

The 2018 Nucleus Research Inventory Optimization (IO) Value Matrix Report has just been released, and analyst Seth Lippincott identifies the latest technology trends, top inventory optimization solution providers, and the strengths and weaknesses of each vendor. Inventory Optimization

Segmenting Your Inventory by Gross Margin and Demand Variability

ToolsGroup

Gartner Research analyst Paul Lord has developed a thought-provoking approach (shown in the above diagram) for tailoring supply and inventory tactics to different inventory segments. As we showed in a previous blog, it’s not the only way to segment your inventory, nor nearly the best.

Why probabilistic forecasting is better for inventory optimization

ToolsGroup

In this post we’ll explore how probabilistic forecasting not only creates better forecasts, but also improves inventory optimization by improving the stock levels at store and warehouse locations in your distribution network.

SanDisk’s Story of Customer Segmentation Strategies Using Inventory Postponement

Supply Chain Shaman

How will the policy be executed? Today, there is not a well-defined template on how to build and operate a supply chain defined by customer policy and segmentation strategy. Platitude: a flat, dull, or trite remark, especially one uttered as if it were fresh or profound.

Why inventory management should be a company-wide conversation

Kinaxis

by Alexa Cheater Don’t get caught having your company’s inventory management conversation alone! Re-evaluating your inventory management practices can help you overcome rising supply chain costs, increasing customer demand and the growing complexity of global operations.

Five Types of Inventory Optimization You Should Know

ToolsGroup

Inventory configuration is usually the predominant issue in most manufacturing environments. Inventory policy is usually the predominant issue in most distribution environments. This risk pooling approach frequently requires less inventory.

5 Tips to Improve Omnichannel Inventory Management

Unleashed

That includes the importance of robust inventory management to retail. Ensuring you don’t fail at order fulfilment begins with understanding your inventory and supply chain. In an increasingly complex eCommerce world, keeping track of inventory is tricky.

Gaming Out Your Logistical Response to the Corona Virus

The Smart Software

This short note is about one way your business can develop a plan to adjust to one of the likely fallouts from the virus: sudden increases in the time it takes to get inventory replenishment from suppliers.

10 Commandments of Inventory Management

Supply Chain Opz

Inventory management is one of the most important tasks for supply chain management professionals. However, most inventory control theories are too complicated or too difficult to apply to real world situations.

Inventory Optimisation for Greater Inventory Control

Unleashed

The biggest challenge of inventory control is getting the balance right, to meet the challenge of matching supply volumes to customer demand and with any good enterprise or activity, it usually pays to start with the basics. Inventory optimisation basics. Unique, short and unmistakable numbers for inventory items. An accurate beginning counts of all inventory stock. Software to track inventory activity in real time. Robust inventory control policies.

Are you getting the most out of your inventory management process?

Kinaxis

by Andrew Dunbar Inventory is often the single largest asset on a company’s balance sheet and your inventory management process can have a huge impact on your organization’s bottom line. Finance and business management will prioritize inventory reduction to increase profitability.

If there is a recession, you should …

The Smart Software

Continuously update your inventory control parameters: reorder points, order quantities, safety stocks, mins, maxes, lead times. Beyond that, you should be updating your inventory strategies.

Taking a Holistic View on Inventory May Lead to Change in Strategy

Talking Logistics

Inventory optimization has always been a challenge while designing and planning a supply chain. A variety of barriers can impact an effective inventory strategy, such as working in functional silos and demand/supplier volatility¹. Asking the Right Inventory Questions.

Why Inventory Revaluation Is Your Next Important Task

Unleashed

All product-based businesses need to track the value of their inventory – and this goes double in a period of dramatic upheaval. The value of your inventory has likely changed thanks to the Covid-19 crisis, and you should consider revaluing it before you make any major business decisions.

Reveal Your Real Inventory Planning and Forecasting Policy by Answering These 9 Questions

The Smart Software

In this blog, we review 9 specific questions you can ask to uncover what’s really happening with the inventory planning and demand forecasting policy at your company.

Removing the Two Barriers to Optimizing Inventory

Logility

Supply chain leaders often find themselves in a difficult situation when it comes to the conflicting goals of improving customer service and minimizing inventory. Companies that embrace Multi-echelon Inventory Optimization (MEIO) achieve, on average, a 28% increase in inventory turns.

How do you know Min/Max policy is working well for you?

The Smart Software

The Min/Max inventory policy is one of three available in SIO. When the inventory level drops to or below the Min, a replenishment order is generated. The post How do you know Min/Max policy is working well for you?

How to Tell You Don’t Really Have an Inventory Planning and Forecasting Policy

The Smart Software

You can’t properly manage your inventory levels, let alone optimize them, if you don’t have a handle on exactly how demand forecasts and stocking parameters (such as Min/Max, safety stocks, and reorder points, and order quantities) are determined. Many organizations cannot specify how policy inputs are calculated or identify situations calling for management overrides to the policy.

Three Ways to Optimize Inventory

The Smart Software

Inventory optimization has become an even higher priority in recent months for many of our customers. The post Three Ways to Optimize Inventory appeared first on Smart Software. Some are finding their products in vastly greater demand; more have the opposite problem.

What is Inventory Optimization?

EazyStock

What is inventory optimization? You’ve heard of inventory management, and you probably already have some inventory management practices implemented in your supply chain. So what is inventory optimization? Inventory Optimization will make you more competitive.

4 Ways Technology Can Simplify Inventory Management

EazyStock

Inventory is the biggest entry in the balance sheet of many distribution companies and fast deliveries are becoming increasingly important in today’s digital world – especially as an increasing number of people are working remotely. Good software will also perform inventory simulations.

Optimum Omnichannel Inventory Control

Unleashed

As with any retail company, inventory represents a large amount of tied up cash, or assets as it were, and if mismanaged, this can be a significant area for loss. Therefore, managing omnichannel inventory is extremely important for preserving the bottom line, increasing profits and keeping those shareholders happy. Let us dive in and consider some of the obstacles to flawless omnichannel inventory management. Methods to implement for optimum omnichannel inventory control.

Why Have We Not Reduced Inventory?

Supply Chain Shaman

This year supply chain leaders will celebrate thirty years of progress in supply chain management; but we have not made progress on one of the funamentals: inventory management. Have the early adopters of inventory optimization seen a reduction in inventory on their balance sheets?”